Porch Group, Inc. (NASDAQ:PRCH) is one of the must-buy small-cap stocks to invest in. On August 13, Keefe Bruyette & Woods raised the stock’s price target to $16 from $7 while reiterating a ‘Market perform’ rating.
A close-up of a hand tapping away at a keyboard, using the company’s software to carry out a transaction.
The research firm hiked the stock’s price target, impressed by the company’s new capital-light operating structure and resulting benefits. Management has reiterated the company’s growth prospects, citing a solid reciprocal surplus and expansion of agency distribution channels.
The remarks come as the company delivered solid second-quarter results with earnings per share of $0.03, against an expected loss of $0.08 per share. Revenue in the quarter reached $119.2 million, exceeding expectations of $99.39 million. Keefe Bruyette & Woods expects Porch Group to achieve an EBITDA of $68 million, an improvement from its initial guidance of $67 million, following the positive second-quarter results.
Porch Group, Inc. is a software application company focused on the home industry. It provides software and services to various home service sectors, including title & closing, mortgage, and insurance, while also connecting homeowners with service professionals. It aims to simplify the home-buying and maintenance process through its software and network.
READ NEXT: Top 10 Materials Stocks to Buy According to Analysts and 10 Best Organic Food and Farming Stocks to Buy Now.
This article is originally published at Insider Monkey.
